As provinces continue to reopen various sectors of the economy, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is reminding REALTORS® to stay on top of their FINTRAC obligations because FINTRAC is restarting desk examinations (i.e. audits), which had temporarily been postponed due to COVID-19.
The purpose of FINTRAC’s examinations is to assess brokerages’ FINTRAC Regime compliance program, including its effectiveness, compliance controls, and adherence to all obligations.
In light of COVID-19, FINTRAC has indicated it will be flexible by:
- providing REALTORS® with additional time where required to prepare necessary documentation and respond to FINTRAC’s requests; and
- considering the impact and challenges caused by the COVID-19 when assessing the ability of a brokerage to update its policies and procedures, adhering to interim COVID-19 related measures and in fulfilling certain obligations with a time limit, such as undertaking the two-year effectiveness review.
Nevertheless, all REALTORS® should remain vigilant in ensuring they are meeting their regulatory obligations.
